There is a lack of understanding of what makes Bitcoin one of the greatest breakthroughs in computer science. Bitcoin is the first internet-based currencies and on a fundamental level, it has become a solution for many issues that arise from traditional monetary exchanges.
Problems Bitcoin Has Solved:
- Users can transfer money through the internet with guaranteed safety and security.
- Transfers can be done without the sender ever having to meet the recipient.
- There is no central intermediary, so there are little to no fees between transfers.
- Merchants can now sell to International buyers, without worrying about fees and exchanges.
- Fraudulent transactions are less likely. However, if any do occur they can be easily traced on the blockchain.
- International remittance fees are greatly reduced. This could potentially ensure a better quality of life for many international families in poor countries.
- Micropayments are now possible with Bitcoin.
- No more “all or nothing” subscriptions or payments. Individuals can use bitcoin to pay only for what they use.
- Micropayments could potentially reduce spam mail by charging minuscule amounts to send emails that would only have an impact on spammers who send mail in mass.
Overall Bitcoin has provided us with the opportunity to rebuild and reimagine the global financial market.